Word: euros
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Dates: during 1990-1999
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Wake up and smell the espresso, America. There's a revolution brewing in Europe, and it could hit you right where it counts: in the pocketbook. On Jan. 1, the currencies of 11 European Union countries will be officially replaced by a central monetary unit called the euro. It will take three years for the old deutsche mark, franc and lira coins and bank notes to disappear, but in less than two months their values will be pegged to that of the euro. And savvy U.S. investors are moving to take advantage of investment opportunities offered by the new currency...
Euroland's newly unified financial markets--highly liquid and investor friendly--will rival those of Wall Street. Meanwhile, greater ease of movement for factories and goods will force euro-zone companies to become more competitive and attractive to investors. And with the euro, American businesses and travelers could save as much as 50% of the transaction costs they now pay to convert dollars into multiple European currencies. Says David Bowers, a European investment strategist with Merrill Lynch in London: "This will be the biggest shock to the global financial system since the move away from fixed exchange rates...
...starters, the euro will become a serious challenger to the dollar as a medium of global commerce. Although Europe and the U.S. represent roughly similar economic blocs, with comparable populations, incomes and exports, the dollar accounts for 62% of the world's currency reserves, in contrast to 20% for the European currencies, and is used to buy and sell nearly half the world's exports. That's about to change. "There will be a reallocation, because the dollar is currently overused with respect to the size of the American economy," says Bruno Leresche, head of asset management at Paribas...
Weeramantry pointed out the shortcomings of current international law, suggesting that it was Euro-centric and dominated by material values...
...repeatedtongue-in-cheek phrase "Kalifornia is drugee,drugee." The album then takes a major U-turn in"Praise You," sporting a funky bass line, a pianoaccompaniment that sounds like it was written byBilly Joel and emotional soul vocals. Fatboy Slimkeeps the beats pumping with "Love Island," thebest and most Euro dance track, which would surgeany dance club with crowd adrenaline...